This cover pays for the cost of hiring an alternative vehicle if the insured vehicle is stolen or while under accidental repairs.Continue reading “Daily Allowance”
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This cover pays for the money spent on nuts and bolts, screen washers, engine oil, etc. in the event of accidental repair of your vehicle, which are normally not paid under a standard motor insurance policy.Continue reading “Cover for Consumables”
Engine Protect is an add-on cover which provides protection against damage to engine and its parts due to ingress of water, which is common during monsoon or due to hydrostatic lock, leakage of lubricating oil, damage to gear box, etc.Continue reading “Engine Protect Cover”
The add-on cover that keeps your NCB intact even if you had a claim on your motor insurance policy
NCB Protection is an additional cover that protects the No Claim Bonus earned until previous year, even if there is a claim in this year’s policy. No Claim bonus (NCB) is a discount applicable on renewal of motor comprehensive insurance for every claim free policy year.Continue reading “NCB Protection”
If you feel responsible to your near and dear, you should consider passenger cover..
Passenger Cover is an additional benefit which provides personal accident insurance for unnamed passengers travelling in your car. The premium is calculated based on the seating capacity of the vehicle.Continue reading “Passenger Cover”
Invoice cover allows the Insurer to pay the invoice price of the vehicle due to an event of total loss or theft of your vehicle.Continue reading “Invoice Cover or Return to Invoice”
This add on is applicable if the vehicle keys get misplaced or stolen or lost. Insurers will compensate for the cost of replacement of key and lock.Continue reading “Key And Lock Replacement Cover”
Under 24 x 7 Roadside Assistance cover, in the event of breakdown of your vehicle, insurers will extend assistance on the spot like providing refuelling, towing, change of flat tyre, battery, minor repairs, accommodation assistance, loss of key, etc., to make the vehicle mobile and provide immediate comfort to the insured.
However, the scope under this add-on and value of the cover will differ from insurer to insurer based on their product plan. Few insurers offer minimum scope of 24 x 7 assistance at free of cost and others charge a premium.
What it means to you…
Zero or nil Depreciation
Over the past few years more innovative Additional Covers are introduced by various Insurers to benefit Vehicle Owners. The Additional Covers come with additional premiums collected during the inception of the policy. Given below are a few important add on covers and what they meant to you..
In the case of damage to the vehicle, the standard motor package policy pays for the replacement of parts namely metal, plastic and fibre or rubber after deducting certain percentage towards depreciation based on the age of the vehicle.
Zero/Nil Depreciation add on cover allows the insurer to pay the claim towards replacement of parts without deduction towards depreciation, thereby 100% cost of replacement paid. This cover is available generally for vehicles up to 5 years of age only.
No claim bonus (NCB) is applicable on renewal of the policy for every claim free policy year. Normally, in the event of any claim, this discount is withdrawn completely on renewal and NCB becomes NIL. NCB Protection add on cover protects the NCB earned until last year, even if there is a claim in the existing / expiring policy. This benefit is available for limited number (1 or 2) of own damage claims only.Continue reading “Add on covers in Motor Insurance”